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This classic work chronicles how New York, London, and Tokyo became command centers for the global economy and in the process underwent a series of massive and parallel changes. What distinguishes Sassen's theoretical framework is the emphasis on the formation of cross-border dynamics through which these cities and the growing number of other global cities begin to form strategic transnational networks. All the core data in this new edition have been updated, while the preface and epilogue discuss the relevant trends in globalization since the book originally came out in 1991.

Industry Reviews

One of Choice's Outstanding Academic Titles for 1992 "This is brilliant stuff, both in its broadness of sociological scope and its voluminous collection of data from a vast number of sources in the three cities."--Scott Lash, The Times Higher Education Supplement "A very significant book indeed... A systematic detailed analysis of the three largest urban economies in the advanced world."--Peter Hall, International Journal of Urban and Regional Research "[A] high-powered and at times horrific book. Sassen shows how dangerously city life has been affected by the influx of employees of the multinational firms which move into major cities and virtually colonize them, riving even greater wedges between the rich and poor."--The Observer "A landmark study in the political economy of cities."--Anthony King, Newsline "The most detailed and sophisticated anatomy yet published of the functioning of the new producer services sector in the global economy."--Mark Levine, Urban Affairs Quarterly "The implications of Sassen's research ... are sobering."--Rudolf Klein, Times Literary Supplement "An exciting and persuasive work. It incorporates a herculean research effort."--Susan Fainstein, Journal of the American Planning Association "A multi-disciplinary tour de force that should be read not only by regional economists but also by urban geographers, sociologists, and planners."--Development and Change

List of Tables

p. xi

Preface to the New Edition

p. xvii

Acknowledgments

p. xxv

Overview

p. 3

The Geography and Composition of Globalization

p. 17

Dispersal and New Forms of Centralization

p. 23

Mobility and Agglomeration

p. 24

Capital Mobility and Labor Market Formation

p. 32

Conclusion

p. 34

New Patterns in Foreign Direct Investment

p. 37

Major Patterns

p. 37

International Transactions in Services

p. 44

Conclusion

p. 63

Internationalization and Expansion of the Financial Industry

p. 65

Conditions and Components of Growth

p. 66

The Global Capital Market Today

p. 74

Financial Crises

p. 78

Conclusion

p. 83

The Economic Order of the Global City

p. 85

The Producer Services

p. 90

The Category Services

p. 92

The Spatial Organization of Finance

p. 110

New Forms of Centrality

p. 122

Conclusion

p. 126

Global Cities: Postindustrial Production Sites

p. 127

Location of Producer Services: Nation, Region, and City

p. 130

New Elements in the Urban Hierarchy

p. 140

Conclusion

p. 167

Elements of a Global Urban System: Networks and Hierarchies

p. 171

Towards Networked Systems

p. 172

Expansion and Concentration

p. 175

Leading Currencies in International Transactions

p. 187

The International Property Market

p. 190

Conclusion

p. 195

The Social Order of the Global City

p. 197

Employment and Earnings

p. 201

Three Cities, One Tale?

p. 201

Earnings

p. 221

Conclusion

p. 249

Economic Restructuring as Class and Spatial Polarization

p. 251

Overall Effects of Leading Industries

p. 252

Social Geography

p. 256

Consumption

p. 284

Casual and Informal Labor Markets

p. 289

Race and Nationality in the Labor Market

p. 305

Conclusion

p. 323

In Conclusion

p. 327

A New Urban Regime?

p. 329

Epilogue

p. 345

The Global City Model

p. 346

The Financial Order

p. 355

The Producer Services

p. 359

Social and Spatial Polarization

p. 361

Appendices

Classification of Producer Services by U.S., Japanese, and British SIC